Jeremy Au breaks down what founders should really look for in a VC—beyond branding. He shares a practical framework for value-add, highlights how VCs behave in failure, and urges founders to dig deeper than surface signals. The conversation also looks at why older founders often perform better, even if they raise less, and the dynamics of VC incentives.

1. VCs show true value in failure: Founders often overlook how a VC behaves when things fall apart—but that’s when reputation is earned.
2. Most “value-add” claims are surface-level: Using a pyramid model, Jeremy explains that real value lies in basics like capital, governance, and reinvestment—not flashy perks.
3. Some VCs actively destroy value: He shares how one VC blocked a cents-on-the-dollar exit, leading the startup to shut down completely.
4. Support goes beyond capital: A VC offering a personal loan during a tough time stood out more than any platform or pitch.
5. Reference-check your VC: Don’t just talk to winning startups—learn how the VC acted when things went badly.